No more money for the states
rickdugan
Verified and Certifiable Super-Reviewer
The federal government has already given $150 billion to state and local governments. IMHO, there should be no second wave. Pigs like NY, IL and CA should not be given the mean to finance their never-ending "drunken sailor on shore leave" spending on the dime of more responsible states. Also, these states should not be enabled to extend lockdowns and further impoverish their citizens in the process.
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https://www.youtube.com/watch?v=MGju7e0n…
For starters, the argument that any state is a net "giver' or "taker" is ludicrous. Individuals give and take, not states. A state doesn't "own" any particular federal taxpayer. Indeed, NY of all places is learning that very quickly as affluent taxpayers continue to leave in droves.
Second, NY has already received over $5 billion in direct aid and NY counties have cumulatively received an additional $10 billion. The reality is that NY was already in a budget pickle before the crisis but, as the old saying goes, don't let a good crisis go to waste. The amount of money that Schumer was trying to secure for NY was as much a public pension fund and budget bailout as it was a COVID-19 remedy.
NY needs to start living within its means and I don't want it, along with IL and CA, to use COVID-19 as a means to obtain bailout money to enable them to keep spending without consequences.
Well, FL, TX and every other state that also shutdown has firefighters, teachers, police, etc., etc. too and has experienced tax revenue declines just like NY. But you don't see them holding press conference to rail for massive additional cash injections. That's because NY, unlike FL, was already experiencing massive budget deficits and dangerously underfunded pensions long before COVID.
NY has a gross DP 1.5 Trillion
Florida has a gross DP of less than 850 Billion
That’s not because they spend less but they have much more expenses
I should also add that NY's state level unemployment fund is also out of money. This too, just like their pension fund issues, is due to chronic under-funding due to other piggish spending priorities.
The simple of the matter is that NY has built a budget heavy on entitlement spending, including lucrative public pension bills that are now coming due. They built this house of cards assuming that growth would always be positive, thereby allowing them to meet these politically motivated yet fiscally imprudent promises. It seemingly never occurred to them that they might some day have to contend with net outbound capital migration, but here they are.
There’s a reason it’s centered in lower Manhattan.
Don't even get me started on the high cost to shitty outcome ratio of the NY public school system, brought to you courtesy of the teacher's union, one of many unions that NY has been paying off for decades. Most of the brightest minds on Wall Street are educated elsewhere.
I’d laugh my ass off, the money that passes through Wall Street every day you have no idea if you think that someplace else might qualify as the center of the universe, right on boy, they’re not leaving NYC regardless of what you might think.
You got to realize he doesn’t own a fuckn thing his properties are either licensed or over leveraged
The real power brokers in NY won’t even talk to him.
The term "money" had no meaning when the gov can create trillions out of thin air after decades of saying there is no money for healthcare, SS, homeless etc...
I do think the states are using this pandemic as a potential bailout for past budget sins. That is pretty clear now. If they open up, they may miss the bailout gravy train
15 years ago you might have been right that a high-end firm had to be in NYC to be taken seriously by many northeast institutional investors, but it is becoming increasingly acceptable now for them to be in places like Houston and Charlotte. COVID may accelerate this new reality as well.
Rick = Rick
FL = FL
Same arguments and stats...
ARE YOU RICK SCOTT?!
He should be embarrassed to ask for money from anyone. The state is poorly run, the state government is filled with numbnuts who jerk off each evening looking in the mirror!
The stupendous amount of waste in this state is awful. In my county - Essex - they have indicted the last 3 county executives. If the current goomba county executive makes it out without any indictments - it’s only because he has better lawyers.
^Hay, don't talk about my boyfriend like that
California doesn't contribute anything in federal taxes. Certain federal taxpayers, who happen to reside in CA at the moment, pay federal taxes. CA doesn't "own" their federal contributions, as much as it may feel otherwise in its arrogance. But soon enough even that misplaced argument won't be there to be made because CA is doing everything possible to drive chunks of its affluent population away, much like NY, NJ and CT.